Equity-focused funds saw the biggest expansion, with their total net asset value rising by 658.3 billion yuan to 1.40 trillion yuan, it said.

Domestic fund houses had been jostling to launch new funds this year to tap a bullish stock market. The Shanghai Composite Index gained 43% in the first six months of this year, although it slipped 7% in June.

On the other hand, money funds, capital guaranteed funds and bond funds suffered heavy redemptions in the period, the newspaper said.

The total NAV of money funds stood at 62.76 billion yuan at the end of June, while the NAV of capital guaranteed funds was 10.36 billion yuan and bond funds 2.60 billion yuan, it said.